Coinbase, Circle, Aave, and more partner to launch Tokenized Asset Coalition

cyptouser6 months agoDerivatives Exchanges169

Coinbase, Circle, Aave, and more partner to launch Tokenized Asset Coalition

The new group, called the Tokenized Asset Coalition, aims to have real-world assets represented and circulating on blockchain networks. To that end, the coalition will advocate for the adoption of public blockchains, asset tokenization, and institutional use of DeFi. It will work in three areas: education, advocacy, and adoption.

The coalition said that its efforts aim to bring the “next trillion dollars” of real-world assets onto the blockchain through tokenization. It also suggests that the coalition will grow beyond its initial seven members by attracting future participants.

Crypto industry members are involved

Several notable members of the crypto industry are currently involved in the group. The leading crypto exchange Coinbase and its semi-independent Layer 2 project Base are both among the companies listed as participants in the coalition.

The stablecoin company Circle, which issues the USDC token and is frequently a partner of Coinbase, is listed as another member of the coalition.

The Tokenized Asset Coalition additionally includes the DeFi platform Aave, which commented on its involvement. Aave founder Stani Kulechov said that continued efforts around education and integration are necessary following the successful growth of DeFi. He added that his project “looks forward to working with the Coalition.”

Three credit platforms — Credix, Goldfinch, and Centrifuge — are also members of the coalition, and each has commented on the group’s goals. Credix wrote that public blockchain rails will offer improved efficiency, costs, and transparency in real-world asset transfers. Elsewhere, Goldfinch founder Mike Sall wrote that the effort aims to “harness the transformative power of blockchain and drive its mass adoption.”

Centrifuge, meanwhile, stressed the joint nature of the coalition, writing that the task of bringing the world’s assets on-chain “is larger than that of any single organization.”

RWA.xyz, a platform for real-world asset analytics, is in some ways leading the effort, as it is hosting the coalition website and related materials.


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Visa introduces way to pay gas fees with your credit card

Visa is taking significant strides toward simplifying blockchain transactions. In what could be a game-changer for users, the payment giant has been working on an experimental solution that allows for the payment of on-chain gas fees with a Visa card.

Mustafa Bedawala, a product manager at VISA, shared the publication while detailing a perceived problem with crypto wallets; the constant need to manage ETH balances for gas fees.

The typical process of using Ethereum requires users to purchase ETH either on an exchange or via an on-ramp service, followed by transferring ETH to their wallets to ensure sufficient coverage for fluctuating gas fees. This constant shifting of gas prices often results in users either overpaying or falling short of their ETH supply, adding a layer of complexity and friction.

Visa Card payments for gas fees

Visa’s proposed solution leverages Ethereum’s ERC-4337 account abstraction standard and a feature known as the “paymaster” smart contract, which facilitates off-chain gas fee payments. The process is envisaged to work as follows:

  1. A user initiates an Ethereum transaction through their wallet, which then sends the transaction details to the paymaster web service.

  2. The web service calculates the cost of the gas fee and subsequently charges the user’s Visa card using Visa’s Cybersource system to process the card payment.

  3. Following this, the web service sends back a digital signature to the wallet, approving the payment. This approval is valid for a specified time window.

  4. The wallet attaches this signature to the transaction and forwards it to Ethereum.

  5. The paymaster smart contract then verifies the validity of the signature and covers the gas cost to process the transaction.

Visa introduces way to pay gas fees with your credit card

Visa introduces way to pay gas fees with your credit card

Visa is taking significant strides toward simplifying blockchain transactions. In what could be a ga...